Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.


The Internal Audit Department reports to the Audit Committee the results of the internal audit work undertaken for the Group.


The Internal Audit Charter is approved by the Audit Committee.


Every three months a progress report is submitted to the board of directors about the internal audit work performed in the Group, in alignment to the corporate governance laws and regulations.


The internal auditors apply the Standards for the Professional Practice of Internal Auditing, respect and contribute to the legitimate and ethical objectives of the organization and are professionals necessary knowledge, skills, and experience.


The internal auditors have full access to all data, employees, sites and activities of all Group companies that are required to perform to audits. Internal auditors respect the value and ownership of information they receive and do not disclose information without appropriate authority unless there is a legal or professional obligation to do so.


The Group Internal Audit Department has the responsibility to supervise the implementation of internal audit work in all Group companies and to adopt common principles for the audit work.


Four categories of audits are mainly performed (scheduled or exceptional): operational, administrative, financial and compliance.


The annual audit plan is approved by the Audit Committee and presented to the BoD along with the review of the previous year. Every audit report is submitted to the auditee for comments and action plan and communicated to the manager of the auditee. The main audit findings along with the agreed action plan are submitted to the Audit Committee.

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